Friday, November 25, 2005

ICICI Bank IPO

ICICI Bank's public issue of equity shares of Bank in India will open on the 1st of December 2005. The issue will close on December 06, 2005. The size of the issue is Rs 5000 crore. In addition, under the green shoe option, the Bank has the option to allocate additional equity shares up to Rs 750 crore with J M Morgan Stanley Pvt Ltd as the stabilising agent. The issue and the green shoe option aggregate to Rs 5750 crore.

The public issue is part of the Bank's consolidated capital raising exercise of Rs 7000 crore with a green shoe option of Rs 1050 crore. Of this total amount, Rs 2300 crore (including a green shoe option of Rs 3000 million) is proposed to be raised through an issue of American Depositary Shares (ADS) including a "Public Offering Without Listing" (POWL) component in Japan.

The issue will be made through the book-building route. Up to 5 per cent of the issue, or Rs 250 crore, is reserved for existing retail shareholders of the Bank. Retail bidders, including existing retail shareholders, will be allotted shares at a price 5 per cent lower than the issue price determined through the book-building process. Retail bidders also have the option to pay Rs 150 per share on application with the balance payable on allotment.

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